“Political noise” is how Eurasia Group analysts Dan Alamariu and Samantha Grenville describe a proposal from Republican John McCain, Democrat Elizabeth Warren and others to reintroduce parts of the Glass-Steagall Act.

“Despite bi-partisanship on the [too big to fail] issue, many centrist Republicans and Democrats continue to oppose such legislation, along with the administration and Treasury which want to give Dodd-Frank time to be fully implemented before considering any major new tweaks,” they wrote in a note.

Massachusetts Sen. Warren, who advocated the creation of the Consumer Financial Protection Bureau, says that big Wall Street institutions continue to threaten the economy, and Arizona Republican McCain says that they shouldn’t be free to make transactions with federally insured deposits.

While the analysts don’t see the modified Glass-Steagall Act getting traction, that doesn’t mean they see curtains for bank reform. Their cases in point: likely adoption later this year of proposed minimum leverage ratio requirements, and the finalization of the long-delayed Volcker Rule.